New ocean vessels on-order will replace about 30% of total ocean capacity; over 7.3 million TEUs. These new vessels will be replacing older models as the International Maritime Organization begins implementation in June 2023, and continues rolling out over the next 5+ years.
U.S. Import Container Rates from China hit the lowest point since tracking began in 2016, at just over $1k/FEU, but quickly rebounded 14% in one week due to newly implemented carrier GRI’s. Next month, a federal rule similar to California’s controversial AB5 could expand the worker reclassification requirements nationwide, eliminating the independent contractor model for truck drivers.
Trucking, warehousing, and courier employment are declining; however, they are not plunging as rapidly as they did in 2020, and still exceed year-ago levels. CH Robinson confirms more layoffs likely in 2023. FedEx Freight, the largest US trucking company by revenue, is shrinking its physical footprint to match lower demand for less-than-truckload (LTL) freight.
Attention shippers and carriers: fraud is at an all-time high. Transportation industry insiders have seen historic levels of fraud beginning in Q4 2022 and continued into the new year. According to RMIS and other industry sources, most of it is caused by carrier contact impersonation. Sunset employees have been trained to mitigate this issue, and…
Tesla semi-trucks have hit the roads this month for Pepsi-Co’s Frito-Lay division – just 5 years after first announced. The Tesla Semi has a range of approx. 500 miles on one charge, depending on the contents of the truck. The current load-to-truck ratio is 2.31 – declining about 0.16 from last week to hit the lowest number ratio this month – actively demonstrating diminishing demand. Looking from January to February, the biggest differentiator was winter weather – capacity was tightened in certain areas like CA, WA, OR, MI, and MN due to storms.
A loss of freight from US home construction and manufacturing is depressing spot market volumes and rates for flatbed trucks, creating surplus capacity which isn’t currently being matched with demand. The current load-to-truck ratio on 1/22 is 2.08. Now that the holidays are over and truck availability has opened, capacity has softened to meet current demand.
The American Trucking Association notes that recruitment trends in trucking have been returning to more normalized levels since November after a frenzied start to the year. The current load-to-truck ratio on 12/25 is 3.74. Overall, December has shown a tightening in capacity since the steep drop off earlier this month due to the completion of Black Friday/Cyber Monday shopping.
The following insights are provided by Sunset’s Strategic Account Management team. Trends and discussions range from seasonal manufacturing and agriculture trends that affect available capacity to general insight into outside factors affecting freight volumes. Below is a summary of the November insights: DOMESTIC Capacity Good news – anyone who wants a Christmas tree this year should…
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